The Near Foundation has raised $150 million to support the development of Web3 technology.

The Near Foundation stated on Thursday that it has collected $150 million from key investors including Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures for the initiative. The indigenous cryptocurrency of the Near network soared more than 7% versus the US dollar after the news.

The Near Foundation receives a $150 million investment.
In a previous financing deal headed by Three-Arrows Capital, the company behind sharded Near blockchain technology, a proof-of-stake (PoS) network, raised $150 million. Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, 6th Man Ventures, Circle Ventures, and Metaweb.vc were among the investors, as per the release.

According to a Medium post by the Near Foundation, the funds would be used to “accelerate the broad adoption of Web3.” Kyle Davies, the founder and chairman of Three Arrows Capital, said in a statement on Thursday, “We are pleased to assist the NEAR team and ecosystem as they grow blockchain applications.” As per 24-hour data, the value of NEAR, the protocol’s indigenous coin, increased 7.7% versus the USD after the introduction.

Rainbow Bridge is the 6th largest cross-chain bridge, with a 30-day gain of about 111 percent against the US dollar. During the previous few weeks, months, and years, TVL NEAR has performed significantly better than the majority of coins.

NEAR has gained 28.2 percent in the previous two weeks, 111 percent in the last 30 days, and 1,236.5 percent in the last 12 months, according to 30-day statistics. At the time of writing, the virtual currency is placed 17th out of 12,447 cryptocurrencies, with a market cap of $2.1 billion.

On Thursday afternoon, NEAR’s market cap represented 0.54 percent of the $2.1 trillion worth of the crypto ecosystem (EST). Amos Zhang, the inventor of Metaweb.vc, praised the Rainbow Bridge’s advantages and Near’s underlying blockchain interoperability. “NEAR is ideally suited for boosting blockchain applications for widespread adoption,” Zhang stated, citing the multichain interoperability of Rainbow Bridge, Aurora (EVM), Octopus (Substrate), and NEAR native’s Nightshade secure data aggregation technology.

As per data from Dune Analytics’ “Bridge Away (L1 Ethereum)” chart, the Rainbow Bridge had a total worth of $478 million at the time of writing (TVL). Below chains like Polygon, Avalanche, and Ronin, the bridge has the sixth-largest cross-chain bridge TVL. The Near group managed to use the extra funds to hasten the deployment of the protocol’s regional centers and “increase brand awareness.”

As per the release, the monies add to the Near Foundation’s previous fundraising efforts, which totaled $65.9 million. The Near project was originally supported by Digital Currency Group (DCG), Baidu Ventures, Electric Capital, Coinbase Ventures, Pantera Capital, and Blockchain.com.

Near goes on to say that it has a “community across Asia, Africa, and Europe” and that it is “seeking to assist support burgeoning communities in Latin America, Turkey, and India.”

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